People walk past a garden with an image of Jinbao, the panda mascot of the China International Import Expo, in Shanghai, on Oct 29, 2021. (PHOTO / IC)
Businesses go where economic development is dynamic and a market is booming, which is why so many foreign enterprises are making a beeline for China.
And since the country is well aware of the benefits of opening-up, there is no reason for China, a beneficiary of the globalized economy, to close its doors. On the contrary, it continues to open them wider.
Since joining the World Trade Organization 20 years ago, China has kept opening up wider to the world, not only generating impetus for the development of the domestic economy but also injecting fresh vigor into the global economy. The past 20 years of the country's opening-up have benefited not only China but the whole world.
And despite any claims to the contrary, China's resolve to open wider at a high standard and its willingness to share its development opportunities with the rest of the world have not changed.
This was further impressed on foreign enterprises by the Fourth China International Import Expo, which was held in Shanghai for five days till Wednesday, and reinforced by the speech President Xi Jinping delivered at the expo's opening, in which he said that China would not falter in its determination to open up wider and upgrade its opening-up.
This is a virtuous circle. The upgraded consumption by Chinese consumers will welcome more advanced technological products into the country. Which will undoubtedly encourage and promote the pursuit of endogenous innovation by Chinese companies. Of the over 100 new products showcased at this year's expo, more than half were making their global debut and some of them were tailor-made for the Chinese market. With Chinese consumers' ever-increasing demand for higher quality products, it is no surprise that the Chinese market is where the new products and new technologies from around the world converge.
China's continuing opening-up is a strong counterbalance to the unilateralism and protectionism of some other major economies. That it is welcomed by foreign companies is shown by the participation in the expo of many enterprises whose home countries are trying to pressure them to sever all ties with China.
As President Xi said in his speech, "For a boat to sail upstream, it has to forge ahead or be driven backward". Just before the opening of the expo, China published regulations on the protection of intellectual property and the application of protection measures, indicating that China is trying to do more to improve its business environment. The country has already done a lot, including updating its law for foreign investment and repeatedly shortening its negative list for foreign investment.
China has been contributing some 30 percent to global economic growth for years and with its further opening-up, such a contribution is set to continue. And likely expand.